CDA - Agreement to acquire 33% in Terresens

COMPAGNIE DES ALPES ANNONCES  TO ACQUIRE A 33% STAKE IN TERRESENS

A FIRST STEP IN ITS STRATEGIC RAPPROCHEMENT WITH  THE LEADING DEVELOPER OF HOT BEDS IN THE ALPS,  WITH THE AIM OF ACQUIRING AN 80% STAKE IN 3 – 4 YEARS’ TIME

Paris, April 28, 2025 – Compagnie des Alpes announced today that it has signed a binding agreement to acquire a 33% stake in Terrésens. The transaction will be completed in the coming weeks.

Founded in 2008, Terrésens creates, renovates, sells and operates hotel residences positioned in the premium segment in mountain and village resorts in the French Alps. These residences are perfectly suited to both winter and summer activities. Terrésens currently operates 11 residences that the company designed and then developed. It also has a substantial order book, with 9 residences currently under construction (all of which will be completed by 2028), including 4 in resorts whose ski areas are managed by Compagnie des Alpes, and 9 other projects in the process of obtaining planning permission.

One of the strategic objectives of the Distribution & Hospitality division of Compagnie des Alpes is to maintain and develop high-quality warm beds in resorts, which in turn helps to ensure growth in the number of skier-days. Following the successful integration of MMV (21 club residences and holiday villages) in October 2022, the strategic merger with Terrésens announced today is promising. The positioning of Terrésens' residences is perfectly complementary to that of MMV, both in terms of their size and the type of clientele they attract. In addition, MMV and Terrésens have been working together for many years, and in January 2024 signed a partnership agreement to optimise the marketing and rental management of Terrésens' residences. Compagnie des Alpes' acquisition of a stake in Terrésens is therefore a natural extension of this marketing agreement, which has already borne fruit by contributing to MMV's growth since the start of the financial year and by improving the occupancy rates of Terrésens hotel residences.

Against a backdrop of increasing scarcity of land in the mountains, this deal strengthens Compagnie des Alpes' position as the leading manager of warm beds in the French Alps, and also gives it new skills in property development and renovation, from land prospecting to works supervision. What's more, Terrésens' specific business model and in-depth knowledge of the property market in the Alps are strong levers for imagining the long-term implementation of ambitious renovation programs.

Géraud Cornillon, founder of Terrésens, remains at the head of the company. Following the acquisition of a stake by Compagnie des Alpes, he will remain the majority shareholder with 57% of the capital. The remaining 10% will be divided equally between two long-standing minority shareholders.

The terms of the deal include a purchase option for Compagnie des Alpes, enabling it to increase its stake in Terrésens to 80% within 3 to 4 years.

Terrésens generated total sales of €68m in the 2024 financial year. Compagnie des Alpes acquires 33% of the share capital for €6.9m.

Commenting on the deal, Dominique Thillaud, Chief Executive Officer of Compagnie des Alpes, said: “Mountain accommodation, and in particular the marketing of warm beds, is a key factor for the future of skier-days in our resorts, and more widely in the French Alps. So the arrival of Compagnie des Alpes as a shareholder in Terrésens is a win-win situation, full of potential. Terrésens' expertise in prospecting, development and refurbishment will enable us to continue to increase the number of hotel residences in operation in the Alps, which will benefit our entire Distribution & Hospitality division, while MMV, Mountain Collection Immobilier and Travelfactory will bring their marketing and operating expertise to Terrésens”.

Géraud Cornillon, Chairman and founder of Terrésens, added: “This transaction is a natural extension of the history of Terrésens, which is continuing to develop, given its significant growth, and further strengthens the synergies already visible in the marketing contract signed with MMV in January 2024. It's also the start of a new chapter for the company I founded, and I'm delighted to be able to do so alongside Compagnie des Alpes”.

This press release contains forward-looking statements concerning the prospects and growth strategies of La Compagnie des Alpes and its subsidiaries (the "Group"). These statements include indications of the Group's intentions, strategies, growth prospects and trends in its results of operations, financial condition, and cash position. Although these statements are based on data, assumptions, and estimates that the Group believes are reasonable, they are subject to numerous risk factors and uncertainties that could cause actual results to differ materially from those anticipated or implied by such statements. These factors include, but are not limited to, those described in the documents filed with the Autorité des marchés financiers (AMF) and available on the Compagnie des Alpes website (www.compagniedesalpes.com). The forward-looking information contained in this press release reflects the indications given by the Group as of the date of this document. Except as required by law, the Group expressly disclaims any obligation to update these forward-looking statements in light of new information or future developments.

Upcoming releases in FY 2024/25: 

•         2024/2025 1^st half results:                                                                  Tuesday, May 20, after stock market

•         2024/2025 3^rd quarter sales:                                                              Tuesday, July 29, after stock market

•         2024/25 annual results:                                                       Tuesday, December 2, before stock market

www.compagniedesalpes.com